The price of Texas intermediate oil (WTI) April began with a rise of 0.52%, to $83.60 a barrel, thus continuing last week’s trend.
At 9:00 a.m. local time (1:00 p.m. GMT), WTI futures contracts for delivery in May added $0.43 compared to the close of the previous session.
Last week, WTI closed above $83 a barrel and ended the week up 2.77%.
“Current geopolitical tensions, strong domestic demand and OPEC+’s reiteration of its commitment to supply-cutting policies between now and early summer support oil’s bullish behavior in the short and medium term”Tom Essaye points out this Monday in his report for The Sevens Report.
Investors also have an eye on economic data from USA to predict when Reserva Federal (Fed) of EE. UU. will cut interest rates, which is expected to encourage consumption and demand for oil. EFE (I)
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